Game theory is a highly influential theory in business, economics and politics. The concept explains the origins of game theory and the key ideas behind the theory and uses case studies from across different industries and sectors to illustrate how game theory has been used in practice.
Game Theory Definition
Game theory is the formal study of decision-making in which several players must make choices that potentially affect the interests of other players. As a decision-making tool, game theory can explain and predict an outcome under a set of decision-making rules. It can be used to assess how firms dominate markets, countries make an agreement on trade policy, parties negotiate about wages, or governments deregulate markets and privatise companies (Turocy and von Stengel, 2002).
Game Theory Description *
* The full technique overview is available for free. Simply login to our business management platform, and learn all about Game Theory.
Game Theory Strengths *
Game Theory Weaknesses *
Examples of Game Theory *
* The business evidence section is for premium members only. Please contact us about accessing the Business Evidence.
Game Theory Implementation *
Success Factors of Game Theory *
Measures of Game Theory *
* The business application section is for premium members only. Please contact us about accessing the Business application.
Game Theory Videos *
Game Theory Downloads *
* The professional tools section is for premium members only. Please contact us about accessing the professional tools.
Game Theory Web Resources *
Game Theory Print Resources *
Game Theory References (4 of up to 20) *
- Anderhub, V., Engelmann, D., & Güth, W. (2002). An experimental study of the repeated trust game with incomplete information. Journal of Economic Behavior & Organization, Vol. 48(2), pp. 197-216.
- Brandenburger, A., and Nalebuff, B. J. (1995) The Right Game: Use Game theory to Shape Strategy. Harvard Business Review, Vol.73(4), pp 57-71.
- Bronson, R. and Naadimuthu, G. (1997) Schaum's outlines of theory and problems of operations research. 2nd Ed. McGraw Hill.
- Bloomberg (2010) Loveman plays 'purely empirical' game as Harrah's CEO. Aug 6.
* The further reading section is for premium members only. Please contact us about accessing the further reading.
Learn more about KnowledgeBrief Manage and how you can equip yourself with the knowledge to succeed on Game Theory and hundreds of other essential business management techniques